Author: Mohamed Reehaan
Thursday, 15th July – Maldives government reveals that the state had spent a total of MVR3,574.5 million (MVR3.57 billion) towards Covid-19 related efforts. Moreover, Ministry of Finance revealed that the total health and social spending as of 08th July reached MVR1,815.9 million (MVR1.8 billion), which had marked a meager 0.6% increase from the week before. Furthermore, during this period only 39.9% of the total health and social spending had been committed-spending. On the other hand, the total economic response spending had not observed an increment for the review period but rather a decrease, while the total stood at MVR1,758.6 million…
Thursday, 15th July – Maldives state expenditure reaches MVR14,212.1 million (MVR14.2 billion) as of 08th July 2021. Based on the latest updates from Ministry of Finance, while the state expenditure continues to increase at a significant pace the revenue remains sluggish. According to the latest “Weekly Fiscal Developments” the state body has confirmed the cumulative total of state revenue, inclusive of grants, had only reached MVR9,462.0 million (MVR9.5 billion). Moreover, the expenditure composition reveals that 76% of the total had been spent towards recurrent needs while the remaining 24% went towards capital expenses. On other hand, revenue composition reveals that…
Minister of Economic Development Mr. Fayyaz Ismail has renewed hope on the implementation of the minimum wage policy in Maldives, once again. Earlier, in May 2021, the minister had confirmed the state was moving towards the implementation of a standard minimum wage policy in the island nation. He further stated that the implementation will come through before the end of 2021. While speaking during the convocation ceremony held at Maldives Polytechnic on Tuesday evening, Minister Fayyaz had sounded hopeful in renewed efforts. The minimum wage issue has long been mired in debate and disparity, while the cabinet minister highlighted on…
Wednesday, 14th July – Dhiraagu in a joint effort with Samsung, has donated a total of 60 Samsung digital tablets to Maldives health sector. The Maldives telecommunication and internet service provider made the donation to Ministry of Health and Addu Equatorial Hospital through a special ceremony held on Tuesday, 13th July. Moreover, the ceremony was attended by incumbent Minister of Health Ahmed Naseem and Chief Executive Officer of Dhiraagu Ismail Rasheed along with the Managing Director of Samsung – Sri Lanka. According to Dhiraagu, their latest donation is aimed as assistance to the health sector and state’s initiative in combatting…
Tuesday, 13th July – Maldives Transport and Contracting Company (MTCC) reports on the progress of Laamu atoll Fonadhoo road development project. According to the contractor, construction of the island’s major roads (phase-01) is well underway with an overall progress of 88%. Meanwhile, MTCC had completed the construction of carriageway, which falls under the project scope. Moreover, the project work includes construction of asphalt-laden roads in a total area of 27,848 square meters. Other components of the road development project include the installation of a storm-water management system along with installation of speed-breakers. Additional to this, MTCC will add road markings…
Maldives government had earlier reported that the state spending towards Covid-19 related efforts reached MVR3,577.8 million so far. As of 01st July 2021, Ministry of Finance revealed the state’s total health and social spending reached MVR1,804.9 million (MVR1.8 billion), marking an increment of 0.9% from the previous week. Moreover, as per the latest financial updates 41.1% of the total health and social spending for the review week had been committed spending. Meanwhile, the total economic response spending stood at MVR1,772.9 million which was without any change from the previous week. During the review week, a disbursement of MVR29.4 million had…
Tuesday, 13th July – Maldives Transport and Contracting Company (MTCC) reports latest developments of Gaaf Alif Vilingili harbor project. According to the contractor, the overall progress of the design and development of the island’s harbor has already reached 70% completion. Meanwhile, MTCC is executing the dredging works on the island’s existing harbor’s basin. The task itself has reached an 82% completion already. Work scope for the project includes harbor basin and channel dredging operations which amounts to a total of 71,519 cubic meters in volume. Dredging has commenced from the existing harbor basin, which will progress towards new channel dredging.…
Maldives Transport and Contracting Company (MTCC) reports on delivering the second shipment of rock boulders to Noonu atoll Miladhoo project site. According to the contractor, the second shipment of rock boulders will be utilized for the construction of the island’s breakwater which fall under the harbor development project. Furthermore, MTCC had confirmed on delivering the shipment on 08th July, Thursday – previous week. The project scope consists of dredging and excavation operations spanning 37,222 cubic meters along with the construction of a revetment and a quay wall measuring 137 meters and 286 meters respectively. MTCC is currently executing the construction…
Bank of Maldives (BML) has announced the last date to submit application for the Covid-19 Economic Stimulus Loan scheme. According to the national bank of the country, they will be accepting applications until 17th July 2021, in light of applications already exceeding the limit. Moreover, the bank had confirmed that the requests will be reviewed on a “first-come-first-serve” basis. Meanwhile, the bank reports that the allocated funds under the loan scheme are limited as well. However, it had confirmed that further applications will be invited at a later date if funds are available after the evaluation of the existing applications.…
Maldives Inland Revenue Authority (MIRA) reveals the state revenue collection exclusive for the month of June 2021. According to the taxation and revenue collection authority, the state revenue for the review month hit MVR1.19 billion – inclusive of USD collection. Moreover, the revenue collected in USD exclusively reached 54.98 million. Furthermore, MIRA testifies the revenue collection for June 2021 observed a significant 326.2% increment in comparison with the same month of 2020. On the other hand, the revenue collection recorded for June 2021 was a 3.2% improvement on initial projections as well. Highlighting on the significant improvement in state revenue,…